Ireland Insurance Information

CIA link to demographic/economic data on Ireland

General Ireland Insurance Information

• Compulsory Insurance:
  
  1. Workers’ Compensation
  2. Third-party automobile Bodily Injury and Property Damage Liability
• Non-Admitted Insurance:
  Prohibited except for MAT (Marine, Aviation and Transit coverages).
• Policy Wordings & Rates / Tariffs Controlled:
  No controls on retail business. The Monopoly Commission, in line with EU insurance directives, prohibits tariffs. Companies have established their own individual rating scales based on past experience and other market forces.
• Policy Language:
  English.
• Classes of Insurance Reserved to State Institutions:
  Workers’ Compensation.
• U.S. Dollar Insurance:
  Available.
• Policy Currency:
  euro (EUR) note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
• Currency Restrictions / Exchange Controls:
  The Euro (introduced 01/01/2002) is freely exchanged and exportable
• Policy Period:
  Annual. Long Term Agreements (LTAs) are available for Property Damage / Business Interruption (PD/BI) policies with a 5% discount.
• Cancellation Provisions:
  7 day written notice by registered mail.
• Premium Taxes, Stamp Duties & Other Fees Payable by Insured: All newly issued policies are subject to a 1 Punt charge (except Aviation & Marine).   A 3% Government imposed levy is charged on all non-life premiums except Marine, Aviation, Credit and Export Credit. Effective June 1, 2009, there will be a 1% levy on life insurance premiums. See premium tax update.
• Insurance Companies:
  The Insurance Acts of 1936 and 1989 provide the bases for Insurer, Broker and Agent overview / monitoring.
• Brokers:
  Brokers and Agents are responsible for most placements in the Irish market; however, Insureds and free to negotiate directly with underwriters.
• Brokerage Commissions:
  15% is the norm.
• Broker of Record Letters:
  Required. Only authorized persons of Insured may sign.
• Reinsurance:
  Strict control and reporting of reinsurance.
• Local Natural Hazards:
  
• Other Information:
  

Property Insurance

• Fire:
  Standard fire perils. Extended coverage perils available in the market for an additional premium charge and individually recognized as no standard endorsement exists.
• All Risk:
  Available.
• Coinsurance:
  85%
• Blanket Insurance:
  Available for Real and Personal Property
• Business Interruption:
  UK Loss of Profits and U.S Gross Earning
• Replacement Value:
  Available.
• Fire Protection Credit:
  85% maximum. Boiler & Machinery / Machinery Breakdown
• Forms Available:
  UK and U.S. available.
• Inspections: Some types of equipment are subject to mandatory inspection under the Factories Act of 1955.

General / Public Liability

• Forms Available:
  Broad Comprehensive General / Public Liability.
• Occurrence Basis:
  Available.
• Claims Made:
  
• Comment:
  Employer’s Liability – since workers have the right to sue at Common Law or under Statute in addition to compensation under the State Scheme, cover is usually written separately. Automobile
• Compulsory Limits PD & BI: Bodily Injury - Unlimited. Property Damage: 10,000 Irish Punt
• Operators of Vehicles Insured:
  Insured and any licensed individual driving with Insured’s permission.
• Passengers as Third Parties:
  Considered Third Parties.
• Workers’ Compensation
  Social Welfare Act
• Employee Subject to Act or Law:
  All.
• Extra-Territorial Benefits:
  Can be included.
• Medical Expenses:
  Included.
• Occupational Disease:
  Included.

Marine

• Forms Available:
  UK and U.S. There is no legal requirement to insure imports or exports within the local market. Crime / Fidelity / Surety
• Forms Available:
  Various. Accident & Health
• Accident Forms Available:
  Group and Individual policies are available.
• Government Health & Hospital Program:
  Yes.